Student Access Loan

The Georgia-based Student Access Loan (SAL) program is geared toward filling the coverage gap of college tuition expenses for students exhibiting financial need. Overseen by the Georgia Student Finance Authority, funding for these loans is generally derived from a combination of donations, state government funding, and lottery contributions. Another form of this loan – the Student Access Loan – Technical (SALT) – exists solely for students enrolled in technical programs. As such, it comes with its own rules and regulations.

Student loans are a primary method of paying for college for a large number of students. The National Center for Education Statistics notes that the typical student borrowed around $6,800 in student loans for the 2011-2012 academic term. Funds for the SAL have a lifetime cap of $40,000 and $12,000 for the SALT. In Georgia alone, the average amount of money owed after graduation is $23,089, per the Project on Student Debt.

Applying for a Student Access Loan

The typical student loan application process applies here. The first step is always the completion of the Free Application for Federal Student Aid. This application will determine what is formally recognized as your Expected Family Contribution (EFC). This amount is the base guideline for any and all forms of financial aid you may or may not be eligible for during an academic year. The deadline for submitting the FAFSA is June 30th every year and holds firm.

You’ll need the following information when completing the application:

SAL and SALT Specifics

Georgia Student Access Loans and Student Access Loans for Technical school are only for undergraduates and cannot be used unless other student loan options, such as Stafford loans for example, have been exhausted. That means, if you’re eligible for another loan, you cannot turn it down and still accept a GSAL. During your enrollment period and while on deferment from repaying your student access loan, the interest rate will remain at 1 percent. Once you begin repayment, it jumps to 8 percent, per GAcollege411. Certain graduates may be eligible for a decreased interest rate at 6 percent. The SALT, however, remains at 1 percent. Selection for GSAL and SALT are both at random.

SimpleTuition is your one-stop shop for all things related to college tuition. We strive to maintain up-to-date details on Student Access Loans for Georgia college students, and we have a plethora of information on other forms of financial aid.

Federal loan information: All colleges participate in the Direct Lending program, which means a student enrolled at that school receives their federal student loans (including Stafford, PLUS and GradPLUS loans) directly from the school instead of from a lender.